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psilly the kid
Hedge wizard/ Cultist



Registered: 05/17/16
Posts: 4,615
Loc: Stoprock City
Last seen: 1 year, 2 months
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bitcoin trouble
#24631049 - 09/15/17 07:15 AM (6 years, 4 months ago) |
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Bitcoin drops after a Chinese exchange closes Bitcoin drops after a Chinese exchange closes 23 Hours Ago | 00:58 Bitcoin prices plunged about 13 percent Thursday after one of the biggest exchanges in China said it will shut down its operation.
The cryptocurrency traded at $3,385.15 at 4:17 p.m. in New York, far below an all-time high of $5,013.91 set earlier this month. The Bitcoin Investment Trust (GBTC) also fell sharply, trading 8.9 percent lower.
BTC China said in a tweet Thursday that it will close down its operations by Sept. 30 as Chinese authorities crack down on cryptocurrencies China is tightening its grip on the burgeoning currency. On Sept. 4, Chinese media outlet Caixin reported that regulators banned companies from raising money through initial coin offerings (ICOs), referring to them as an unauthorized fundraising tool that may involve financial scams.
Since then, bitcoin has lost more than 20 percent of its value. This all because of China. Chinese investors have until September 30th to get their money out of exchanges before they close," Brian Kelly, CEO and founder of BKCM and a CNBC contributor, said in an email. "This is a market structure drop and not a drop on fundamentals, therefore this is a buying opportunity."
It's been a rough month for Bitcoin. Just two days ago, JPMorgan CEO Jamie Dimon called the cryptocurrency a "fraud," adding "it won't end well."
"It's worse than tulip bulbs. It won't end well. Someone is going to get killed," Dimon said at a banking industry conference organized by Barclays. "Currencies have legal support. It will blow up."
how will this effect the onion patch?
-------------------- CA weed @ all times unless specified currently this high pebbles suck its turtles all the way down
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Mostly_Harmless
wyrd bið ful aræd


Registered: 05/12/09
Posts: 5,043
Loc: Perfidious Albion
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This thread was moved from Shroomery News Service.
Reason: Off topic for SNS
The submitted news should be related to the scope of this website. (mushrooms, psychedelics, drugs in general, war on drugs, etc....)
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Mostly_Harmless
wyrd bið ful aræd


Registered: 05/12/09
Posts: 5,043
Loc: Perfidious Albion
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This thread was moved from The Town Dump.
Reason: .
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DieCommie

Registered: 12/11/03
Posts: 29,258
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Quote:
Mostly_Harmless said: <img src='https://www.shroomery.org/forums/images/moved.gif'> This thread was moved from Shroomery News Service.
Reason: Off topic for SNS
The submitted news should be related to the scope of this website. (mushrooms, psychedelics, drugs in general, war on drugs, etc....)
Makes sense… but honestly, bitcoin and drugs go hand in hand.
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psilly the kid
Hedge wizard/ Cultist



Registered: 05/17/16
Posts: 4,615
Loc: Stoprock City
Last seen: 1 year, 2 months
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Re: bitcoin trouble (moved) [Re: DieCommie]
#24631608 - 09/15/17 11:09 AM (6 years, 4 months ago) |
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well thats what i want to know is do you think that this ban will effect a different trend in the dark markets. seeing as alot of these RCs come from china
-------------------- CA weed @ all times unless specified currently this high pebbles suck its turtles all the way down
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DieCommie

Registered: 12/11/03
Posts: 29,258
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No idea. I always order drugs from my own country. I assume most consumers do, but wholesalers are a different story.
I do think bitcoin will survive as a currency regardless of its value for speculators. The day bitcoin dies is the day another cryptocurrency replaces it.
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psilly the kid
Hedge wizard/ Cultist



Registered: 05/17/16
Posts: 4,615
Loc: Stoprock City
Last seen: 1 year, 2 months
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Re: bitcoin trouble (moved) [Re: DieCommie]
#24637017 - 09/17/17 03:29 AM (6 years, 4 months ago) |
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bit coin is probably to well established to fall to another cryptocurrency. well with out more governments taking action that is. i would like to see speculation become less of a focus and secure money transfer used in normal bank transactions as a means of providing a common world currency not tied to a specific country. whats your take on this?
-------------------- CA weed @ all times unless specified currently this high pebbles suck its turtles all the way down
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